Singapore: Record high ownership fees make cars high-end dreams
In order to own a car in Singapore, buyers need to spend 106,000 USD just to obtain a Certificate of Entitlement (COE), making the total cost of buying a car in the country many times higher than in other nations.
Singapore (VNA) - In order to own a car inSingapore, buyers need to spend 106,000 USD just to obtain a Certificate ofEntitlement (COE), making the total cost of buying a car in the country manytimes higher than in other nations.
Singapore, which is home to 5.9 million people and can bedriven across in less than an hour, has a 10-year COE system introduced in1990 to control the number of vehicles. The high COE fees have made carownership costs in Singapore the highest in the world.
By October 4, the COE fee for a large car more than quadrupledfrom 2020 prices to a record 146,002 SGD (106,376.68 USD). Meanwhile, a small,government-subsidised flat in Singapore costs about 125,000 SGD.
In 2020, as the number of drivers in Singapore decreased,the COE fee dropped to about 30,000 SGD. A post-COVID increase in economicactivity has led to more car purchases while the total number of vehicles onthe road is capped at about 950,000. The number of new COEs available dependson how many older cars are deregistered./.
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